The Company will use proceeds from the $175 million privately placed
term notes (the Company’s “Series E” notes) to repay the $115 million
outstanding on its line of credit and to fund future property
acquisitions. The Series E notes bear interest at 4.533% for their ten
year term.

M&T Bank was the sole placement agent in the transaction.

Andy Gregoire, Chief Financial Officer of the Company, commented, “We
are pleased with this attractive financing which fits well with our
conservative strategy of funding property acquisitions with a mix of
equity and long-term unsecured debt. The interest rate on these notes is
the lowest in our history and speaks to our exceptional operating
performance, solid financial structure, and investment grade rating.”

ABOUT SOVRAN SELF STORAGE:

Sovran Self Storage, Inc. is a self-administered and self-managed equity
REIT that is in the business of acquiring and managing self
storage facilities. The Company operates 486 self storage facilities
in 25 states under the name “Uncle Bob’s Self Storage”®. For
more information, visit www.unclebobs.com,
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